| Income statement | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | $215.94B | $130.50B | $60.92B | $26.97B | $26.91B | $16.68B |
| Cost of revenue | $62.48B | $32.64B | $16.62B | $11.62B | $9.44B | $6.28B |
| Gross profit | $153.46B | $97.86B | $44.30B | $15.36B | $17.48B | $10.40B |
| Gross margin | 71.1% | 75.0% | 72.7% | 56.9% | 64.9% | 62.3% |
| R&D | $18.50B | $12.91B | $8.68B | $7.34B | $5.27B | $3.92B |
| SG&A | $4.58B | $3.49B | $2.65B | $2.44B | $2.17B | $1.94B |
| Operating income | $130.39B | $81.45B | $32.97B | $4.22B | $10.04B | $4.53B |
| Operating margin | 60.4% | 62.4% | 54.1% | 15.7% | 37.3% | 27.2% |
| Pretax income | $141.45B | $84.03B | $33.82B | $4.18B | $9.94B | $4.41B |
| Income tax | $21.38B | $11.15B | $4.06B | -$187.0M | $189.0M | $77.0M |
| Net income | $120.07B | $72.88B | $29.76B | $4.37B | $9.75B | $4.33B |
| Net margin | 55.6% | 55.8% | 48.8% | 16.2% | 36.2% | 26.0% |
| EPS (diluted) | $4.90 | $2.94 | $1.19 | $0.17 | $0.39 | $0.17 |
| EPS (basic) | $4.93 | $2.97 | $1.21 | $0.18 | $0.39 | $0.18 |
| Shares (diluted) | 24.51B | 24.80B | 24.94B | 25.07B | 25.35B | 25.10B |
| Shares (basic) | 24.36B | 24.55B | 24.69B | 24.87B | 24.96B | 24.67B |
| Balance sheet | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Total assets | $206.80B | $111.60B | $65.73B | $41.18B | $44.19B | $28.79B |
| Cash & equivalents | $10.61B | $8.59B | $7.28B | $3.39B | $1.99B | $847.0M |
| Total liabilities | $49.51B | $32.27B | $22.75B | $19.08B | $17.57B | $11.90B |
| Stockholders' equity | $157.29B | $79.33B | $42.98B | $22.10B | $26.61B | $16.89B |
| Cash flow | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Operating cash flow | $102.72B | $64.09B | $28.09B | $5.64B | $9.11B | $5.82B |
| Capital expenditure | $6.04B | $3.24B | $1.07B | $1.83B | $976.0M | — |
| Free cash flow | $96.68B | $60.85B | $27.02B | $3.81B | $8.13B | — |
| Profitability | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Gross margin | 71.1% | 75.0% | 72.7% | 56.9% | 64.9% | 62.3% |
| Operating margin | 60.4% | 62.4% | 54.1% | 15.7% | 37.3% | 27.2% |
| EBITDA margin | 61.7% | 63.8% | 56.6% | 21.4% | 41.7% | 33.8% |
| Net margin | 55.6% | 55.8% | 48.8% | 16.2% | 36.2% | 26.0% |
| Returns | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Return on equity | 76.3% | 91.9% | 69.2% | 19.8% | 36.6% | 25.6% |
| Return on assets | 58.1% | 65.3% | 45.3% | 10.6% | 22.1% | 15.0% |
| Return on invested capital | 71.3% | 89.2% | 63.9% | 14.9% | 27.7% | 19.4% |
| Return on capital employed | 74.7% | 87.1% | 59.8% | 12.2% | 25.2% | 18.2% |
| Liquidity | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Current ratio | 3.91 | 4.44 | 4.17 | 3.52 | 6.65 | 4.09 |
| Quick ratio | 3.24 | 3.88 | 3.67 | 2.73 | 6.05 | 3.63 |
| Cash ratio | 0.33 | 0.48 | 0.68 | 0.52 | 0.46 | 0.22 |
| Working capital | $93.44B | $62.08B | $33.71B | $16.51B | $24.49B | $12.13B |
| Leverage | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Debt to equity | 0.05 | 0.11 | 0.23 | 0.50 | 0.41 | 0.41 |
| Debt to assets | 0.04 | 0.08 | 0.15 | 0.27 | 0.25 | 0.24 |
| Net debt | -$2.14B | -$126.0M | $2.43B | $7.56B | $8.96B | $6.12B |
| Net debt / EBITDA | -0.02 | 0.00 | 0.07 | 1.31 | 0.80 | 1.09 |
| Interest coverage | 503.4× | 329.8× | 128.3× | 16.1× | 42.5× | 24.6× |
| Financial leverage | 1.31 | 1.41 | 1.53 | 1.86 | 1.66 | 1.70 |
| Efficiency | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Asset turnover | 1.04 | 1.17 | 0.93 | 0.65 | 0.61 | 0.58 |
| Inventory turnover | 2.92 | 3.24 | 3.15 | 2.25 | 3.62 | 3.44 |
| Receivables turnover | 5.61 | 5.66 | 6.09 | 7.05 | 5.79 | 6.86 |
| Days sales outstanding | 65 days | 65 days | 60 days | 52 days | 63 days | 53 days |
| Days inventory outstanding | 125 days | 113 days | 116 days | 162 days | 101 days | 106 days |
| Days payables outstanding | 57 days | 71 days | 59 days | 37 days | 69 days | 67 days |
| Cash flow | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Free cash flow | $96.68B | $60.85B | $27.02B | $3.81B | $8.13B | — |
| Free cash flow margin | 44.8% | 46.6% | 44.4% | 14.1% | 30.2% | — |
| Income quality (CFO / net income) | 0.86 | 0.88 | 0.94 | 1.29 | 0.93 | 1.34 |
| Capex to revenue | 2.8% | 2.5% | 1.8% | 6.8% | 3.6% | — |
| Per share | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue per share | $8.86 | $5.31 | $2.47 | $1.08 | $1.08 | $0.68 |
| Book value per share | $6.46 | $3.23 | $1.74 | $0.89 | $1.07 | $0.68 |
| Cash per share | $0.44 | $0.35 | $0.29 | $0.14 | $0.08 | $0.03 |
| Free cash flow per share | $3.97 | $2.48 | $1.09 | $0.15 | $0.33 | — |
| Growth | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue growth (YoY) | 65.5% | 114.2% | 125.9% | 0.2% | 61.4% | — |
| Net income growth (YoY) | 64.7% | 144.9% | 581.3% | -55.2% | 125.1% | — |
| EPS growth (YoY) | 66.0% | 145.5% | 572.2% | -95.4% | 122.2% | — |
NVIDIA Corporation designs and manufactures graphics processing units (GPUs), accelerated computing platforms, and the surrounding software stack. The business has evolved from a discrete-graphics vendor selling chips into PC OEMs into the primary supplier of compute infrastructure for the AI economy.
The business reports across four segments: Data Center, Gaming, Professional Visualization, and Automotive. Data Center is by far the largest, consisting of GPU platforms, networking hardware (InfiniBand, Spectrum-X Ethernet, NVLink), and the software stack required to deploy AI at scale. Customers include every major hyperscaler (Microsoft Azure, Google Cloud, AWS, Oracle Cloud) and the major frontier model labs, including OpenAI, Anthropic, Meta AI, xAI, Mistral, and Cohere.
NVIDIA's competitive position is anchored as much in software as in silicon. CUDA, released in 2006, is a parallel computing platform that runs only on NVIDIA GPUs. Over nearly two decades, the company has built deep libraries (cuDNN, cuBLAS, TensorRT, Triton, NeMo, RAPIDS) that most major AI frameworks depend on. Switching to a competitor's hardware therefore requires porting and re-optimizing entire software stacks, not just buying different chips. This is the central reason NVIDIA has retained the dominant share of the merchant AI accelerator market despite competition from AMD, Intel, and custom hyperscaler silicon.
NVIDIA's product roadmap runs on an annual cadence, with each new generation including a chip architecture, networking platform, and rack-scale system design. The company sustains pricing power on AI silicon across both new and prior-generation hardware.
Beyond Data Center, the Gaming segment sells GeForce RTX GPUs through OEMs and direct channels. Professional Visualization covers RTX workstations and the Omniverse simulation platform. Automotive sells the NVIDIA DRIVE platform for ADAS and autonomous-driving systems, deployed by Mercedes-Benz, BYD, Volvo, and other automakers. NVIDIA has also expanded into the data-center CPU market alongside GPUs.
NVIDIA operates a fabless model. TSMC is the primary foundry partner for the advanced nodes used in current and next-generation products. The structure keeps capital intensity low relative to revenue, supporting margin and free cash flow profiles that have few parallels in semiconductors.
The company has expanded into sovereign AI through partnerships with national governments and government-backed cloud operators to build AI factories in their jurisdictions. China remains a structural complication: U.S. export controls have restricted NVIDIA's ability to ship its most advanced chips into Chinese customers, and the company excludes China data center compute from forward guidance.
Stanford MS in Electrical Engineering. Previously at LSI Logic and AMD before co-founding NVIDIA in 1993. Has served as CEO continuously since founding.
Sun Microsystems graphics engineer. Led NVIDIA's chip engineering group through the company's first two decades. Stepped back from operational roles but remains involved with the company and serves on the board.
IBM and Sun Microsystems graphics engineer. Designed the NV1 architecture, NVIDIA's first chip. Left the company in 2003 and has since focused on philanthropy.
NVIDIA's customer base spans five main segments. The largest by revenue is hyperscale cloud providers and frontier model labs: Microsoft Azure, Google Cloud, AWS, Oracle Cloud Infrastructure, and labs including OpenAI, Anthropic, xAI, Mistral, and Meta AI deploy NVIDIA GPUs at very large scale. Enterprise covers Fortune 500 companies and AI-native enterprises that purchase DGX systems or NVIDIA-powered servers from OEM partners. OEM and system integrators (Dell, HPE, Lenovo, Supermicro, Foxconn) build server platforms around NVIDIA chips and resell them. Automotive customers include Mercedes-Benz, BYD, Volvo, JLR, and several Chinese EV makers using NVIDIA DRIVE for ADAS and autonomous-driving compute. Consumer gaming sells GeForce RTX cards through OEMs and direct channels.
| Date | Insider | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | Coxe Tench | Director | Gift | 500,000 | — | — |
| Jun 25, 2026 | Shah Aarti S. | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Stevens Mark A | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Seawell A Brooke | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Neal Stephen C | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Lora Melissa | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Jones Harvey C | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Hudson Dawn E | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Dabiri John | Director | Grant | 1,211 | — | — |
| Jun 25, 2026 | Coxe Tench | Director | Grant | 1,211 | — | — |
| Jun 18, 2026 | Stevens Mark A | Director | Sell | 319,385 | $209.70 | $67M |
| Jun 18, 2026 | Stevens Mark A | Director | Sell | 565,615 | $210.44 | $119M |
| Jun 17, 2026 | Teter Timothy S. | EVP, General Counsel and Sec | Tax withholding | 35,742 | $207.41 | $7M |
| Jun 17, 2026 | Shoquist Debora | EVP, Operations | Tax withholding | 35,012 | $207.41 | $7M |
| Jun 17, 2026 | Kress Colette | EVP & Chief Financial Officer | Tax withholding | 40,746 | $207.41 | $8M |
Source: SEC Form 4. Grants, gifts and option exercises show no market value.
703 institutional holders · $26.6B · 13F, Jun 2026
| Holder | Shares | Value |
|---|---|---|
| Assenagon Asset Management S.A. | 26,337,224 | $5.3B |
| Handelsbanken Fonder Ab | 11,369,496 | $2.3B |
| Cardano Risk Management B.V. | 7,715,089 | $1.5B |
| Czech National Bank | 6,894,089 | $1.4B |
| Pensiondanmark Pensionsforsikringsaktieselskab | 4,638,748 | $928M |
| Sarasin & Partners Llp | 4,235,829 | $848M |
| Qrg Capital Management, Inc. | 4,128,722 | $826M |
| Bsn Capital Partners Ltd | 3,575,500 | $644M |
| Aegon Asset Management Uk Plc | 3,184,670 | $637M |
| Congress Asset Management Co | 2,627,947 | $526M |
| Davenport & Co Llc | 2,006,618 | $400M |
| E. Ohman J:Or Asset Management Ab | 1,739,110 | $348M |
| Focus Financial Network, Inc. | 1,598,701 | $320M |
| Eastern Bank | 1,574,822 | $315M |
| Douglas Lane & Associates, Llc | 1,504,940 | $301M |
| Salem Investment Counselors Inc | 1,373,183 | $275M |
| Mogy Joel R Investment Counsel Inc | 1,279,041 | $256M |
| Hyperion Asset Management Ltd | 1,270,234 | $254M |
| Quintet Private Bank (Europe) S.A. | 1,150,733 | $230M |
| Cwa Asset Management Group, Llc | 999,798 | $200M |
Source: SEC Form 13F (latest reported quarter; managers file up to 45 days after quarter-end).
What does NVIDIA do?
Who founded NVIDIA?
When did NVIDIA go public?
What is CUDA and why does it matter?
Who are NVIDIA's main competitors?
What is Blackwell?
What is Vera Rubin?
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